AFGHANISTANECONOMY

Call for pumping more $ into the open market

Forex traders have urged the government to pump more US dollars into the open market in a bid to maintain the value of the local currency.

As the afghani currency depreciates sharply against the US dollar, Abdul Rahman Zirak, a spokesman for the Money Changers’ Union, told Salam Watandar that in order to maintain the local currency’s value, the central bank must inject more dollars into the market.

He cited the persistent purchase of dollars by traders as one of the reasons for the devaluation of the afghani against the dollar.

While acknowledging the smuggling of dollars to other countries, Zirak said that money changers were not involved in devaluing the afghani.

The afghani continued with depreciation against the dollar with one USD exchanging for as high as 123 AFN.

We tried to get the views of the officials of the Da Afghanistan Bank in this regard, but we did not succeed despite repeated calls.

However, Bilal Karimi, the deputy spokesman for the Islamic Emirate, assured that the relevant institutions are working to stabilize the local currency. Karimi emphasized that this problem is temporary and that the Islamic Emirate is working on plans to stabilize the foreign exchange market in the long run.

ENDS

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